Economic Collaboration
Pakistan and the United Arab Emirates (UAE) are on the verge of signing the Comprehensive Economic Partnership Agreement (CEPA), a landmark move that holds the potential to significantly boost Pakistan’s exports. This agreement follows the FTA framework established with Gulf Cooperation Council (GCC) countries, marking a strategic step forward for economic collaboration in the region.
Sources have revealed that the UAE has given its approval to a revised Bilateral Investment Treaty template, aligning its interests with those of GCC nations. The impending CEPA is a crucial component of the UAE’s broader strategy to enhance its global trade and logistics standing. Having recently inked its first bilateral trade agreement with India, the UAE continues to fortify its international ties in line with the ambitious Projects of the 50 initiative.
Caretaker Commerce Minister Gohar Ijaz, leading a delegation to the UAE, held discussions with UAE Trade Minister Thani Al Zeyoudi to prioritize and maximize bilateral trade. The focus is on facilitating UAE investments, particularly in the services and logistics sectors, including ports, infrastructure, shipping, and aviation. These talks are a testament to the commitment of both nations to strengthen economic ties.
The discussions further delved into identifying opportunities for UAE investments in key sectors of Pakistan’s economy. This includes the development of infrastructure such as ports and logistics hubs, the expansion of shipping and cargo services, and the infusion of modern technologies to enhance overall efficiency. Both ministers expressed a commitment to creating a conducive environment for investors and streamlining procedures.
The renewed emphasis on economic cooperation with the UAE aligns with the vision set forth by President Arif Alvi. As early as 2022, President Alvi stressed the need to finalize CEPA with the UAE to pave the way for increased exports. The president has consistently advocated for exploring new avenues in economic diplomacy and investments with the UAE, emphasizing the need for bilateral trade to reflect the excellent relations and geographic proximity between the two nations.
In conclusion, the impending CEPA signifies not only an economic milestone for Pakistan but also a testament to the evolving and strengthening ties between Pakistan and the UAE. The shared vision for deeper economic collaboration sets the stage for mutually beneficial investments and trade initiatives, promising a new era of economic synergy between these two nations.
I am a dynamic professional, specializing in Peace and Conflict Studies, Conflict Management and Resolution, and International Relations. My expertise is particularly focused on South Asian Conflicts and the intricacies of the Indian Ocean and Asia Pacific Politics. With my skills as a Content Writer, I serve as a bridge between academia and the public, translating complex global issues into accessible narratives. My passion for fostering understanding and cooperation on the national and international stage drives me to make meaningful contributions to peace and global discourse.
